Snap to lay off more than a thousand employees

Snap will lay off a fifth of its workforce starting today, according to The Verge. 

The publication states the company has been planning the layoffs for weeks.

Sources familiar with the matter state some departments will be impacted greater than others. This includes the team responsible for the social mapping app Zenly, as well as their hardware division, responsible for the Pixy camera drone. The product, which was revealed in April, has been cancelled.  

The Verge says the layoffs shouldn’t be a surprise, as the company’s stock prices have sunk 80 percent since the year began. The company hired aggressively during the pandemic, growing its workforce to over 6,400 employees.

Snap isn’t the only tech company to recently let go of employees or slow its hiring. Shopify and Tesla, to name a few, have also gone this route.

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Source: The Verge